In this post we will cover all the renovations in the KLD Homes 258 Grandview Ave NJ. This home was purchased though the MLS, and came out of a deal that fell through multiple times. The house was built in 1950's, was a 2 bedroom 1 bath home on 1 acre. Everything worked but was outdated and or old. The rehab project took 14 months start to finish.
Flip Timeline
The old adage time is money is still very pertinent in the flipping industry. The faster the flip the lower the holding costs. Taxes and payments to lenders still need to be made during the renovation period. Making sure there is enough capital to cover holding cost is vital for a successful flip. 4 months of this rehab were spent in permitting. The gas meter move took 3 months from gas company, both of these issues were out of our hands.
Major Issues
The biggest challenge was getting to start, then after starting getting to the finish mainly (permits and gas meter). Without those issues, it would have been a 6- 8 month project.
We did not have a contingency plan to start regarding the (permitting and meter-2 issues out of our control). The adjustment we made to offset the holding cost was to do many tasks we would have paid for. Landscape clean-up, insulation, tiling, painting, kitchen installation, bathroom finishing, door hardware, basement flooring. These tasks are hard work, however, with 8 months of total delays, we paid high holding costs. By doing these tasks we off set the holding costs. Ideally we would like to flip in 4-6 months, then a budget is not stressed like in this case.
Other Renovations
The KLD Homes team created fresh kitchens and bathrooms. Beautiful modern design that opens up the space, and turns a house into a home.
